Only a few years ago, Polish citizenship was a prerequisite for applying for a loan in Poland for a foreigner . Today, fortunately, most of the banks and other lending institutions require from people outside the European Union only permanent residence card and a visa. However, the most important aspect remains a stable, documented and legal income, the amount of which will allow for incurring liabilities. Of course, the type of contract is also important – an employment contract of indefinite duration or a fixed-term employment contract is preferred. In recent years, however, banks have slightly liberalized their approach to the type of contract, and many of them already honor income from civil law contracts (mandate contracts and contracts for specific work) as well as contracts and self-employment. It should be remembered that each institution has different standards and operating procedures, in addition, each case is different, so it may happen that two different entities may require different documents and certificates for the same person and the same amount requested.
Cash loan for a foreigner – documents
Depending on the bank or lending company, when applying for a cash loan for a foreigner, we may be asked to provide:
- employment consent – employment contract for 6 months
- temporary residence card from a minimum of 6 months – it is also possible to submit a rental agreement for an apartment in Poland or a phone bill confirming the address of residence in Poland
- certificate of registration in Poland
- current passport
- PESEL number (application for PESEL shall be submitted to the commune office competent for the place of residence or, in the absence of registration, to the commune office competent for the employer’s seat)
- Credit report from country of origin
Importantly, a standard requirement in the process of applying for a cash loan for a foreigner is also to provide an active account number in a Polish bank. Why is the list of requirements and documents so large? Banks and other financial institutions must provide maximum insurance in the event of default. In the case of persons without Polish citizenship, it is even more difficult to verify the identity of a person who wants to take out a cash loan for foreigners. It is also difficult, and in some cases impossible, to verify the credit history and creditworthiness of such a person. That is why successive building of both history and creditworthiness is so important .
Cash loan for a foreigner – credit history and creditworthiness
How to build a credit history when you are a foreigner? This is not an easy task, but also not impossible – it just requires a little more work and determination. Let’s start with creating an account in a Polish bank, which will be regularly affected by our salary – this is the first signal of our credibility. This account is worth using: pay by card, make transfers, withdraw cash from an ATM if necessary. Thanks to this, after a few months of regular revenues and our activity, we can apply for a credit card or account limit, for example. Here, as in the case of the account itself, our activity slowly builds our credibility in the eyes of the bank. Of course, you also have to pay off your credit card debt and any interest regularly; the same applies to the account limit. Now, if we decide to apply for a cash loan for a foreigner , we already have a certain credit history, which is in our favor and is a signal to the bank that we meet one of the important conditions on the road to becoming a trustworthy customer. A modest but solid credit history , combined with regular account receipts for legal, permanent work in Poland, will result in our creditworthiness , thanks to which, when we provide the necessary documents, we will most likely be able to take out a cash loan for a foreigner.
Cash loan for a foreigner – what else should you remember?
Due to the fact that Ukrainians constitute a growing group of clients of Polish banks and loan companies, they introduce services in Ukrainian or Russian to facilitate the process of applying for a cash loan for a foreigner. Unfortunately, so far this option is available mainly in large cities, so when choosing a bank, it’s worth having support in the form of a person who speaks fluent Polish – preferably when it is her native language.